ACC’s 4QFY24 EBITDA grew ~80% YoY to INR8.4b (+3% vs. our estimate). ItsEBITDA/t grew 45% YoY to INR802 (-6% vs. estimate), due to lower-thanestimated realization. Realization was down ~9%/7% YoY/QoQ to INR5,171(-4% vs. estimate). OPM was up 5.8pp YoY to 15.5% (est. ~16%). Adj. PATstood at INR4.9b (+72% YoY; 4% above our estimates).